Levy decision costs Spurs more than £300m

Daniel Levy’s decision not to negotiate a fixed price with Tottenham’s stadium contractor is leaving the club facing a staggering £350million bill, according to the Daily Telegraph.

The newspaper claim the Spurs chairman had the opportunity to sign a fixed-priced contract for the delivery of the new stadium, which had been valued initially at £850million by contractor Mace, who would have had to pay for any additional costs.

The Telegraph report their construction industry sources claim Spurs face a bill in the region of £1.2billion to complete the venue next to the old White Hart Lane, putting the project £350million over budget.

OPINION

Levy might have a reputation as a fearsome negotiator when it comes to player trading and contracts, but has he got in over his head with the new stadium? Fans digesting reports of the eye-watering bill Spurs are faced with for the completion of their stadium will wonder how on earth the long-standing chairman has allowed costs to spiral so far out of control. Wembley was built after a £326.5million fixed price was agreed with firm Multiplex. While the site was already secure and there were not the same complications Spurs have had to face in building a new venue adjacent to the old one, the final bill threatens to leave Tottenham in huge debt for years to come. Sure, they will have a magnificent new stadium, but there’s no point in that if there is not a decent team to grace it. How can Spurs – who did not buy a single player during the summer window – remain competitive if they do not have the funds to spend on strengthening their squad?

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